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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of significant components of the provision or benefit for income taxes

Significant components of the provision or benefit for income taxes for the years ended December 31 were as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
​	​	(in thousands)
Current provision:		​			​			​		​
Federal	​	$	80,378	​	$	56,451	​	$	10,001	​
State	​		19,949	​		14,430	​		3,267	​
Foreign	​		869	​		341	​		413	​
​	​		101,196	​		71,222	​		13,681	​
​	​	​	​	​	​	​	​	​	​	​
Deferred provision (benefit):	​	​	​	​	​	​	​	​	​	​
Federal	​		(5,477)	​		(6,098)	​		5,948	​
State	​		(753)	​		(1,554)	​		1,789	​
Foreign	​		(20)	​		63	​		(22)	​
​	​		(6,250)	​		(7,589)	​		7,715	​
Total provision for income taxes	​	$	94,946	​	$	63,633	​	$	21,396	​

​

Schedule of components of the deferred tax provision or benefit

​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2022		​	2021		​	2020
​	​	(in thousands)
Amortization, depreciation, and basis differences for property, plant and equipment and other long-lived assets(1)		$	4,186		$	1,451		$	4,975	​
Amortization of intangibles	​		(2,973)	​		(536)	​		183	​
Changes in reserves for workers’ compensation, third-party casualty, and cargo claims	​		(3,713)	​		(3,294)	​		(182)	​
Revenue recognition	​		13	​		(1,445)	​		(1,481)	​
Allowance for credit losses	​		(391)	​		156	​		(652)	​
Nonunion pension and other retirement plans	​		(4)	​		(3)	​		957	​
Multiemployer pension fund withdrawal	​	​	172	​	​	164	​	​	157	​
Federal and state net operating loss carryforwards utilized (generated)	​		899	​		(300)	​		(259)	​
State depreciation adjustments	​		(915)	​		598	​		343	​
Share-based compensation	​		749	​		(984)	​		(195)	​
Valuation allowance increase (decrease)	​		(489)	​		911	​		617	​
Other accrued expenses	​		(3,104)	​		(4,097)	​		1,663	​
Prepaid expenses	​	​	(18)	​	​	(788)	​	​	1,207	​
Operating lease right-of-use assets/liabilities – net	​	​	(651)	​	​	(228)	​	​	(13)	​
Other	​		(11)	​		806	​		395	​
Deferred tax provision (benefit)	​	$	(6,250)	​	$	(7,589)	​	$	7,715	​

(1) The Tax Cuts and Jobs Act, enacted in December 2017, allowed first year bonus depreciation at 100% for assets placed into service between September 27, 2017 and January 1, 2023. Due to a decrease in the purchase of assets eligible for 100% depreciation, the deferred tax expense related to the tax depreciation expense in excess of book depreciation decreased over the two-year period from 2020 through 2021 but increased in 2022.

​

Schedule of significant components of deferred tax assets and liabilities

Significant components of the deferred tax assets and liabilities at December 31 were as follows:

​

​

​	​	​	​	​	​	​	​
​	​	2022		​	2021
​	​	(in thousands)
Deferred tax assets:		​			​		​
Accrued expenses	​	$	53,997	​	$	47,683	​
Operating lease right-of-use liabilities	​	​	46,056	​	​	30,590	​
Supplemental pension liabilities	​	​	81	​	​	97	​
Multiemployer pension fund withdrawal	​	​	5,063	​	​	5,247	​
Postretirement liabilities other than pensions	​		3,137	​		4,441	​
Share-based compensation	​		5,794	​		6,755	​
Federal and state net operating loss carryovers	​		753	​		1,652	​
Receivable allowances	​	​	3,052	​	​	2,778	​
Other	​		417	​		266	​
Total deferred tax assets	​		118,350	​		99,509	​
Valuation allowance	​		(1,707)	​		(2,196)	​
Total deferred tax assets, net of valuation allowance	​		116,643	​		97,313	​
​	​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Amortization, depreciation, and basis differences for property, plant and equipment, and other long-lived assets	​		117,586	​		114,999	​
Operating lease right-of-use assets	​	​	44,170	​	​	29,403	​
Intangibles	​		4,396	​		6,966	​
Prepaid expenses	​		5,424	​		5,368	​
Total deferred tax liabilities	​		171,576	​		156,736	​
Net deferred tax liabilities	​	$	(54,933)	​	$	(59,423)	​

​

Reconciliation between the effective income tax rate, as computed on income or loss before income taxes, and the statutory federal income tax rate

Reconciliation between the effective income tax rate, as computed on income before income taxes, and the statutory federal income tax rate for the years ended December 31 is presented in the following table:

​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2022		​	2021		​	2020
​	​	(in thousands, except percentages)
Income tax provision at the statutory federal rate of 21.0%		$	82,562		$	58,202		$	19,424	​
Federal income tax effects of:	​		​	​	​	​	​	​	​	​
State income taxes	​		(4,031)	​		(2,704)	​		(1,062)	​
Nondeductible expenses	​		5,607	​		3,596	​		1,395	​
Life insurance proceeds and changes in cash surrender value	​		575	​		(866)	​		(488)	​
Alternative fuel credit	​		(2,449)	​		—	​		(1,261)	​
Net increase (decrease) in valuation allowances	​		(464)	​		887	​		617	​
Net increase (decrease) in uncertain tax positions	​	​	—	​	​	854	​	​	(933)	​
Settlement of share-based compensation	​	​	(6,852)	​	​	(6,140)	​	​	420	​
Foreign tax credits generated	​	​	(849)	​	​	(404)	​	​	(391)	​
Federal research and development tax credits	​	​	278	​	​	(2,044)	​	​	(2,078)	​
Other	​		524	​		(1,028)	​		306	​
Federal income tax provision	​		74,901	​		50,353	​		15,949	​
State income tax provision	​		19,196	​		12,876	​		5,056	​
Foreign income tax provision	​		849	​		404	​		391	​
Total provision for income taxes	​	$	94,946	​	$	63,633	​	$	21,396	​
Effective tax rate	​		24.1	%		23.0	%		23.1	%

​

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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